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Consumer Behaviour Full Summary
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Consumer Behaviour Full Summary
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Consumer behaviourLecture 1 – Introduction
- The mere exposure effect: a psychological phenomenon by which people tend to develop a
preference for things or people that are more familiar to them than others.
Consumer behaviour = (PETER & OLSON) Dynamic interactions of affect, cognition, and behaviour,
with events in the environment, that are associated with the“exchange aspects” of human life.
Consumer decision process model
1. What is a need?
a. Discrepancy between actual and desired state.
i. Stock depletion
ii. Problem removal
iii. Problem avoidance
2. Information search
a. Internal: retrieval from memory
b. External
i. Marketer sources: advertising, company websites, stores, salespeople, brochures
ii. Non-marketer sources: other consumers (family & friends), consumer organisations,
government, media.
c. Heuristic search
i. Ad-hoc
ii. Convenience based
iii. Relies on rule of thumb
d. Systematic search
i. Organized
ii. Comprehensive
iii. Effortful
,Consideration of options
1. Consideration set: set of brands actively considered
at the time of choice.
a. Most of the marketing happens here.
The 2 most important laws of marketing:|
1. In order for a customer to choose action A, brand A
must be considered
2. In order for a customer to choose action A, the
customer must fail to consider a brand he/she likes better
than brand A.
Choice outcomes are far more influenced by content
of consideration set than by processing of considered
alternatives.
- Consideration sets and customer-defined competition
3. Evaluation processes
a. Evaluation criteria: judgement models or decision rules
i. Compensatory model
ii.
iii. Non-compensatory model
iv.
b. Consumer decision process - continuum
i.
, ii. FROM LPS TO EPS: More effort & time spent on decision
1. More information gathered
2. More processing of information (time, effort)
3. More alternatives considered
4. More attributes considered
iii. When do we engage in LPS?
1. Limited importance of product (low-risk)
2. Limited availability of time/resources
3. Similarity of alternatives → indifferent
4. Purchase
a. Decisions on:
i. Purchase timing (immediate and delayed)
ii. Mode of purchase (web,store, catalogue)
iii. Place/store
iv. Quantity
b. Even after the choice is made, purchases can be modified
i. Product availability
ii. Point-of-purchase displays
1. “Customers also bought” / “often bought together”
5. Consumption
a. Timing, frequence, volume of use
i. Important for packaging (storage)
ii. Affects satisfaction
b. Mode of use
i. Proper use (follow instructions)
ii. Alternate uses (e.g. the pool noodle: hitting each other. ozempic)
c. The difference between subjectivity and objectivity
6. Post-consumption evaluation
a. Expectations are crucial
i. Satisfaction: products meets or exceeds expected performance
ii. Dissatisfaction: product performs below expectation
iii. The gap between expectations and actual experience
b. 3 sources of consumption value (utility)
i. Anticipatory consumption (e.g. being excited to go on a holiday or eat
something)
ii. The act of consumption
iii. Enjoying memory of past consumption
7. Disposal
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